大行評級|摩根大通:維持港交所“增持”評級 上季業績表現強勁
摩根大通發表報告指,港交所公佈上季淨利潤37.8億港元,按季增長20%,按年增長46%,符合該行預期。全年淨利潤130億港元,按年增長10%,符合該行預期,並略高於市場普遍預期。第四季收入增長穩健,按季上升18%,主要受日均成交額激增55%及衍生品交易量增長9%的推動。淨投資收益超出預期,因外部投資組合和利息收入表現穩健,抵銷了因交易規模較大而低於預期的清算與結算費用。成本控制符合預期,員工成本上升被較低的折舊及其他費用所抵銷。
摩通指,整體而言,港交所上季表現強勁,主要得益於去年10月交易量的顯著增長。年初至今,香港市場成交額平均每日2000億港元,較上季增長5%,更較去年全年平均值增長50%。此外,20日移動平均現金股票成交額已升至3240億港元,若能維持,顯示進一步上升空間。該行對港交所目標價爲370港元,基於香港股市成交量每日1740億港元的預期,每增加100億港元日均成交額預計對公平值影響約每股9至10港元,維持“增持”評級。
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